The cat is out

According to SNL pay-per-mile agency Metromile is making plans to acquire Mosaic Insurance, a New York-based and Delaware-domiciled carrier in a deal value worth $22 million, comprised of $7 million in cash plus the value of the company’s investment assets. Recall: Metromile operates as an MGA and has its business (some ~27,580 policies in force as of Jan. 31) underwritten by National General. Not for long. See below.